3 Celia plans to invest £4500 that offers r% nominal an. compounded monthly. Aft has £5803.94 in the bank. a Find the interest rate. b Find how many years it to increase her initial am

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...
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3 Celia plans to invest £4500 in a bank
that offers r% nominal annual interest
compounded monthly. After 5 years, she
has £5803.94 in the bank.
a Find the interest rate.
b Find how many years it will take for Celia
to increase her initial amount by 50%.
Transcribed Image Text:3 Celia plans to invest £4500 in a bank that offers r% nominal annual interest compounded monthly. After 5 years, she has £5803.94 in the bank. a Find the interest rate. b Find how many years it will take for Celia to increase her initial amount by 50%.
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